• EUR/NZD declined on Tuesday as worse-than-expected German factory orders and sluggish Eurozone retail sales weighed on euro.
• EUR/NZD is now on course to register a close below the 38.2%fib support level, chart points to bigger drop towards 1.7450 level.
•From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 49.
• Immediate resistance is located at 1.7642`(5DMA), any close above will push the pair towards 1.9321 (38.2%fib).
• Immediate support is seen at 1.7557 (38.2%fib ), break below could take the pair towards 1.7468 (May 5th low).
Recommendation: Good to sell around 1.7600 with stop loss of 1.7700 and target price of 1.7540
